Fortune Minerals (TSE:FT) Shares Down 11.1% – What’s Next?

Fortune Minerals Limited (TSE:FT) dropped 11.1% during trading on Tuesday . The stock traded as low as C$0.16 and last traded at C$0.16. Approximately 1,472,396 shares traded hands during trading, an increase of 57% from the average daily volume of 937,691 shares. The stock had previously closed at C$0.18.

Analyst Upgrades and Downgrades

Separately, Fundamental Research set a C$0.63 price target on Fortune Minerals and gave the company a “buy” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Fortune Minerals has an average rating of “Buy” and an average price target of C$0.63.

Fortune Minerals Stock Performance

The company has a market capitalization of C$109.95 million, a price-to-earnings ratio of -16.75 and a beta of -1.76. The stock has a 50-day moving average price of C$0.15 and a 200-day moving average price of C$0.12. The company has a debt-to-equity ratio of -157.84, a current ratio of 0.15 and a quick ratio of 0.04.

Insider Activity

In other news, insider Patricia-Lynn Penney sold 561,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of C$0.16, for a total value of C$89,760.00. Following the completion of the sale, the insider directly owned -600,000 shares of the company’s stock, valued at C($96,000). This trade represents a -1,438.46% decrease in their ownership of the stock. Insiders sold 1,250,000 shares of company stock valued at $202,565 over the last ninety days. Company insiders own 5.87% of the company’s stock.

Fortune Minerals Company Profile

Fortune is a Canadian mining and mineral processing company focused on developing the NICO cobalt-gold-bismuth-copper project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO deposit and is a potential future source of incremental feed to extend the life of the NICO concentrator.